Long-term care is one of the most expensive aspects of old age and requires special preparation in order to be ready for the expense. One of the key things to know in order to prepare is a proper understanding of the cost but a new survey shows that many Americans are way off in their estimates. For example, respondents estimated home health care to cost less than $500 per month but, in reality, has a median cost approaching $4000. One of the authors of the study speculated that the disparity between expectations and realities was the result of many people being unfamiliar with long-term care and the associated cost and impositions. In addition, many people undervalue the contributions that caregivers provide for the elderly based on their experience caring for other, younger people. However, having a good grasp on the cost realities of long-term care, be it in home or at a special facility, is imperative so that proper choices with as much relevant information as possible can made when the time comes.
See Richard Eisenberg, Americans’ Estimates Of Long-Term Care Costs Are Wildly Off, Forbes, May 10, 2016.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
